Mechel in stark warning on restructuring concerns
Russian steel company Mechel revealed on Wednesday that WestLB had asked for early repayment of a loan as the company was in breach of several financial covenants. While WestLB will be repaid and its request has not triggered cross-defaults on Mechel’s other loans, the highly leveraged borrower warned it could not continue as a going concern if it was unable to refinance or restructure its debt.
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